Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Note 10 - Stock-Based Compensation

A combined summary of activity in the Corporation's active stock plans is presented in the following table.


						Non-Vested Stock Awards/Stock Units Outstanding				Stock Options Outstanding
	Shares Available for Grant			Director Deferred Stock Units Outstanding		Number of Shares		Weighted- Average Grant-Date Fair Value		Number of Shares			Weighted- Average Exercise Price
Balance, January 1, 2012		1,963,455			22,092		169,530	$	50.33		4,968,822		$	51.49
Granted		—			—		—		—		—			—
Stock options exercised		—			—		—		—		(108,800	)		50.94
Stock awards vested		—			—		—		—		—			—
Forfeited		1,875			—		—		—		(1,875	)		51.81
Cancelled/expired		(125	)		—		—		—		—

Balance, March 31, 2012		1,965,205			22,092		169,530	$	50.33		4,858,147		$	51.50

During the three months ended March 31, 2012 and 2011, proceeds from stock option exercises totaled $5.5 million and $5.8 million. During the three months ended March 31, 2012, 101,160 shares issued in connection with stock option exercises were new shares issued from available authorized shares, while 7,640 shares were issued from available treasury stock.

Stock-based compensation expense is recognized ratably over the requisite service period for all awards. Stock-based compensation expense was as follows:


	Three Months Ended March 31,
	2012		2011
Stock options	$	2,201	$	2,310
Non-vested stock awards/stock units		354		1,427

Total	$	2,555	$	3,737

Unrecognized stock-based compensation expense at March 31, 2012 was as follows:


Stock options	$	16,811
Non-vested stock awards/stock units		2,742

Total	$	19,553

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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